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CEDC Agrees On Economic Development Performance...
CEDC Agrees On Economic Development Performance Metrics
June 7, 2014
By Mallory Ragon
The Community and Economic Development Community (CEDC) has agreed to bring three economic development metrics to the full city council for their consideration. The council was tasked with creating metrics for the Lee’s Summit Economic Development Council (LSEDC).
The LSEDC, a public-private partnership, receives financial support from the city. Many want to see justification for that spending, quantification of their economic development efforts and successes, but that return on investment is hard to accurately pinpoint.
The CEDC has been working with city staff to research metrics used by neighbouring and comparable communities. The three given the green light this week are adapted from the Kansas City Area Development Council (KCADC) and were presented by Steve Arbo, city manager.
1. During the term of this agreement the creation of an additional $2.5 million dollars of payroll within the city of Lee’s Summit as compared to the prior July 1st to June 30th year.
2. The creation of at least 50 new quality jobs, as defined by the Missouri Department of Economic Development during the term of this agreement.
3. During the term of this agreement the creation of an additional $6 Million Dollars in investment in development and/or redevelopment within the city of Lee’s Summit as compared to the prior July 1st to June 30th year.
The CEDC did request some wordsmithing of the language to more clearly define the time line terms. The council is expected to consider finalized metrics at their June 17 regular session.
“I think these are very reasonable, very attainable,” said Councilmember Derek Holland.
Mayor Pro Tem Allan Gray agreed, saying that this process is in-line with the council’s “desire to create a culture of planning” by setting direction, standards and priority for the city.
“Quality jobs” are defined by state requirements through the Missouri Quality Jobs Act and are only counted once the job is filled—it is not based on projected jobs by new or expanding businesses. Criteria such as annual wages and health insurance benefits must meet the threshold assigned by the state.
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